Correct Answer: D. guides firms in allocating scarce resources

Correct Answer: D. output to input

Correct Answer: C. cost-push inflation

Correct Answer: C) Yam and palm oil are complimentary goods

Explanation

This question is asking about the relationship between yam and palm oil. The question is asking whether yam and palm oil are substitute goods or complimentary goods. Substitute goods are goods that can be used to replace each other, while complimentary goods are goods that are used together.

In this case, yam and palm oil are used together, so they are complimentary goods. This means that when someone buys yam, they are likely to buy palm oil as well, and vice versa.

It's important to note that just because two goods are used together doesn't mean they are always complimentary goods. It depends on the specific situation and the preferences of the buyers.

For example, if someone is allergic to palm oil, then yam and palm oil would not be complimentary goods for them. They would use a substitute good instead, like a different type of oil.

It's also worth noting that the other options in the question are not correct. Yam is not a substitute good for palm oil, and palm oil is not a substitute good for yam. Yam and beans are not related in this question.

Understanding the difference between substitute goods and complimentary goods is an important concept in economics. It helps us understand how buyers make decisions about what to buy and how much to buy.

Correct Answer: C. N5.00

Correct Answer: B. utility can be ranked

Explanation

An ordinal utility function is a function representing the preferences of an agent on an ordinal scale. Ordinal utility theory claims that it is only meaningful to ask which option is better than the other, but it is meaningless to ask how much better it is or how good it is. This means that utility can only be ranked and not measured as claimed by other theories.

Correct Answer: C. ability to pay for the commodity

Explanation

Want is the desire to have something or to buy a product. Demands on the other hand are requests for specific products that the buyer is willing to and able to pay for.So, the key difference between wants and demand is the ability of the consumer to pay for the product. In other words, if a customer is willing and able to buy a product, that is demand while wishing to buy a product is simply a want.

Correct Answer: C. demand curve of the firm

Explanation

The average revenue curve of a firm in a perfect market is the same as the demand curve of the firm. This is because in a perfect market, the firm is a price taker, meaning that they cannot influence the market price. As a result, the firm's demand curve is also the market demand curve, and the average revenue curve is equal to the demand curve.

Correct Answer: D. Vienna, Austria

Explanation

The OPEC Secretariat is the executive organ of the Organization of the Petroleum Exporting Countries (OPEC). Located in Vienna, it also functions as the Headquarters of the Organization, in accordance with the provisions of the OPEC Statute.

Correct Answer: D. a system of resource allocation through supply and demand interaction